“Starting today, customers in the U.S. can join the waitlist for Coinbase Card, a Visa debit card that allows crypto to be used for payments and purchases online and in-store as well as for ATM cash withdrawals,” the company announced. The announcement explains that the Coinbase card will allow people to spend with nine different cryptocurrencies.
Similarly to competitor cards from firms like Crypto.com, U.S. card users will be able to obtain purchase rewards from Coinbase. “At launch, customers can opt to earn 4% back in stellar lumens (XLM) or 1% back in bitcoin (BTC),” the San Francisco tech firm detailed. American Coinbase card applicants must be fully verified on the system and there will be a wait time until the firm makes its first approvals.
“The first customers will be approved this winter,” Coinbase disclosed. “Once customers are approved, they can spend with a virtual card right away and will receive a physical card in the mail within two weeks.”
Coinbase notes that there is no fee required in order to issue the card, but standard crypto conversion fees may apply. Much like the Crypto.com Visa or the Bitpay Mastercard, the Coinbase card will also provide a virtual card. The firm detailed during the announcement that users can utilize the virtual Coinbase Visa as soon as they are approved.
The company also details that the card is powered by Marqeta, and issued by the FDIC member Metabank. “Coinbase will automatically convert all cryptocurrency to U.S. dollars for use in purchases and ATM withdrawals,” the company announcement concludes.
According to the firm, U.S. residents from all the states are eligible except for residents from Hawaii.
What do you think about the Coinbase Visa card being made available to U.S. residents? Let us know what you think about this subject in the comments section below.
The post Coinbase Launches Cryptocurrency Visa Card in the US appeared first on Bitcoin News.
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